The IRS claims that Terry and Sandy violated federal anti-money laundering laws by making regular deposits of cash in amounts less than $10,000. Since banks are required to report deposits larger than $10,000 to the IRS, a firm that consistently makes deposits less than this minimum may draw the attention of the IRS.
I am reading more and more cases like this and it is a total farce. The las says $10,000. This means that if you continually make deposits of $9,999.99 that you may arouse suspicion, but you have done nothing illegal. This points out something else: The article states “...violated federal anti-money laundering laws by making regular deposits of cash in amounts less than $10,000.” I believe that is incorrect. It is completely legal to deposit that amount of money as many times as you want. It’s a free country. The law only states that deposits over that amount must be reported.
The deposits may draw attention, just as creative tax deductions may draw attention, but I’ve never heard of the IRS locking down someone’s assets because they think they may be taking deductions they shouldn’t be taking.
This stinks to high heaven. It’s why my assets are not in bank accounts. They can’t take your silver, gold and real estate without a bit more trouble on their part.
Hmmmm....if only deposits OVER $10K have to be reported, and all their deposits were LESS THAN $10K, how did the feds know??? Who reported these lower value deposits???
Which goes to another problem: How did the IRS know that they were making sub-$10K deposits? Where was the search warrant for acquiring that information?
I'd sue their asses off.
“The IRS claims that Terry and Sandy violated federal anti-money laundering laws by making regular deposits of cash in amounts less than $10,000.”
Everybody that gets a paycheck does that. And what the companies that pay them and require direct deposit?